XRP’s price movement has caught the attention of crypto analysts as it emerges from a two-week consolidation phase between $2.30 and $2.50. Technical indicators suggest XRP might be preparing for a significant upward movement that could push it beyond previous records.
Technical Analysis Points to Bullish Momentum
The daily chart’s RSI readings indicate the end of the consolidation period. Analyst Dark Defender projects a ‘wave 3’ rally targeting $5.85. This represents a potential 129% gain from current levels.
Key support levels stand at $1.88 and $2.33. The latter has proven crucial in preventing further price drops. Resistance levels to watch include $2.66 and $3.12.
Regulatory Developments Boost XRP’s Prospects
The SEC’s acknowledgment of Grayscale’s XRP ETF filing marks a significant milestone. This development could catalyze XRP’s price action. The departure of Gary Gensler from the SEC signals a potential shift in regulatory approach.
The crypto market has responded positively to recent ETF approvals. Bitcoin and Ethereum ETFs have attracted substantial capital inflows. XRP could follow a similar trajectory.
Market Implications
XRP’s current price stability at $2.55 reflects market anticipation. The token has gained 11% over the past week despite a 17% decline in the previous fortnight. A breakthrough above $3.40 could trigger a new price discovery phase.
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The potential approval of an XRP ETF could mirror the success seen with Bitcoin ETFs. Institutional investors might increase their exposure to XRP through regulated investment vehicles.
Tags: XRP Price Analysis, Crypto ETFs, Technical Analysis, Cryptocurrency Trading, Market Analysis
Source: NewsBTC